Retail FX and CFDs broker IronFX has announced that it has taken a major step to harness the power of messaging apps while ensuring compliance by signing an agreement with messaging platform provider Convrs.
Messaging apps are ubiquitous and easily accessible, but using personal business messaging accounts can lead to compliance issues. When Forex agents use their personal accounts on personal devices to communicate with clients, it poses significant compliance risks. These personal accounts cannot be monitored or documented, which prevents the necessary control and regulation to ensure customer safety and privacy. This is especially important in the highly regulated Forex industry. So, how can businesses use messaging apps in a compliant way?
IronFX partnered with Convrs, an omnichannel messaging platform, to address this challenge. Through the Convrs platform, IronFX can integrate and use preferred messaging applications for compatible communication.
Enis Mehmet, CCO & Co-Founder of Convrs said,
“One of the common misconceptions among Forex brokers is that using personal messaging app accounts on personal devices to chat with clients is acceptable. We aim to dispel this myth to help brokers make informed decisions and avoid the pitfalls of non-compliant messaging. By using enterprise messaging platforms like Convrs, brokers can ensure compliant messaging while securely leveraging the capabilities of messaging apps for their business. IronFX has done just that and we are proud to be a part of their journey.”
The Convrs Omnichannel Messaging Platform offers:
Unified agent access and official accounts. By adding agents to the Convrs platform, they are assigned profiles on the company’s official messaging account, enabling them to chat through the company’s chosen messaging channels. This ensures professionalism and compatible messaging, even on personal devices when using the Convrs platform.
Chat documentation. The Convrs platform ensures full documentation of all messages sent and received through the platform. This includes access to chat histories and chats of agents who may no longer be with the company. Reports and transcripts of conversations can also be obtained for internal and external audits.
Monitor agents and messages. The Convrs platform enables centralized, real-time access to all ongoing conversations. Supervisors can coach agents, monitor conversations for quality control, and ensure compliance.
An IronFX spokesperson added,
“Our partnership with Convrs is very important as it aligns with the growing trend of integrating conversational AI and conversation-based customer engagement solutions. Customers prefer personalized, real-time interactions, and our partnership with Convrs allows us to enhance our customer service capabilities and enhance the user experience. The platform’s monitoring capabilities enable real-time oversight of agent interactions, ensuring compliance, preventing wrongdoing and allowing administrators to intervene immediately when necessary.
“With Convrs our agents can manage their interactions more effectively and efficiently, making it easier for agents to monitor conversations and provide timely responses. The platform’s monitoring capabilities allow our compliance and legal teams to monitor communications, ensuring regulatory compliance and preventing potential issues. Managers can also monitor agent performance and take over conversations when necessary, ensuring no customer query goes unanswered.
“Convrs will simplify communication, help our company ensure our compliance through monitoring, allow our compliance to oversee customer interactions and prevent any illegal activity, and allow our managers to monitor performance of agents and to intervene when necessary.”
By eliminating the risks of non-compliance with GDPR, IronFX can focus on leveraging messaging apps to improve their business. The enhanced monitoring and management capabilities provided by Convrs also enable more effective insights, informing next steps and refining approaches for better results.
About Convrs
Convrs is an omnichannel messaging platform for marketing, sales and customer service that provides intelligent messaging solutions, including automation, that simplify, improve and scale communications. From lead generation to post-engagement, Convrs enables businesses to effectively engage customers at every stage of the customer journey by leveraging the power of messaging apps.
About IronFX
IronFX is an award-winning global leader in electronic trading, with multiple trading platforms and more than 500 tradable instruments in forex, and contracts for difference (CFDs) in metals, futures, stocks, indices and commodities. IronFX serves retail and institutional clients from over 180 countries.